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Tuesday, May 28, 2024

Bitcoin Faces Minor Volatility at $72K as February US CPI Numbers Came Out

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Bitcoin’s price went up and down by several hundred dollars after the US Bureau of Labor Statistics released the Consumer Price Index numbers for February 2024.

The actual numbers were slightly higher than predicted, but the overall trend is that the inflation rates are calming.

BTCUSD> Source: TradingView

The general expectations for the core CPI forecasted a 0.3% increase compared to the previous month. In reality, the number was slightly exaggerated as the difference was just 0.1% (3.7% against 3.8%). The previous month’s increase for the metric that excludes more volatile sectors like food and energy was 3.9%.

The total CPI for the month of February 2024 compared to February last year was at 3.2% – slightly higher than the 3.1% anticipated.

Approximately a year ago, the US CPI announcements brought enhanced volatility to the crypto market. However, that hasn’t been the case for the past several months.

The trend remains the same for now as well, with BTC going down by 0.5% before recovering all losses and returning to $72,000.

Recall that the primary cryptocurrency tapped a new all-time high yesterday at just shy of $73,000.

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